Jeffrey Cleveland, chief economist....>

US DATA REACT: Jeffrey Cleveland, chief economist at Payden & Rygel, eyed the

"story behind the story" on the November jobs report as its "+228k job growth

marks the 86th consecutive month of NFP growth. None of the previous business

cycles featured more than 46 months of consecutive payroll growth."

- He adds that "further, NFP growth in 2017 has been very close to 2016's

monthly growth, meaning payroll growth exhibits no sign of a slowdown in the

pace of job creation. We expect this record-setting payroll streak to continue

in 2018. If it does, the unemployment rate to dip as low as 3.6% in 2018. At

that stage we think we will see better wage growth that the market is yearning

for as well. Given the stellar jobs backdrop, the 3% clip on GDP growth were

experiencing and the fact that the Fed is still extraordinarily easy in its

policy stance, the rally is risk assets seems like it still has legs."